Lowe's Companies (LOW) 10-Q 24 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 29, 2021	Nov. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2021
Document Transition Report	false
Entity File Number	1-7898
Entity Registrant Name	LOWES COMPANIES INC
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-0578072
Entity Address, Address Line One	1000 Lowes Blvd.
Entity Address, City or Town	Mooresville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28117
City Area Code	704
Local Phone Number	758-1000
Title of each class	Common Stock, par value $0.50 per share
Trading Symbol	LOW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		673,747,189
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--01-28

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Current Earnings
Net sales	$ 22,918	$ 22,309	$ 74,911	$ 69,286
Cost of sales	15,331	15,009	49,882	46,170
Gross margin	7,587	7,300	25,029	23,116
Expenses:
Selling, general and administrative	4,373	4,770	13,559	13,985
Depreciation and amortization	425	355	1,226	1,008
Operating income	2,789	2,175	10,244	8,123
Interest – net	223	221	650	644
Loss on extinguishment of debt	0	1,060	0	1,060
Pre-tax earnings	2,566	894	9,594	6,419
Income tax provision	670	202	2,359	1,562
Net earnings	$ 1,896	$ 692	$ 7,235	$ 4,857
Weighted-average common shares outstanding - basic (in shares)	690	752	704	753
Basic earnings per common share (in dollars per share)	$ 2.74	$ 0.92	$ 10.23	$ 6.42
Weighted-average common shares outstanding - diluted (in shares)	692	754	706	754
Diluted earnings per common share (in dollars per share)	$ 2.73	$ 0.91	$ 10.21	$ 6.41
Current Earnings (Percentages)
Net sales	100.00%	100.00%	100.00%	100.00%
Cost of sales	66.90%	67.28%	66.59%	66.64%
Gross margin	33.10%	32.72%	33.41%	33.36%
Expenses (Percentages):
Selling, general and administrative	19.08%	21.38%	18.10%	20.18%
Depreciation and amortization	1.85%	1.59%	1.64%	1.46%
Operating income	12.17%	9.75%	13.67%	11.72%
Interest – net	0.97%	0.99%	0.86%	0.93%
Loss on extinguishment of debt	0.00%	4.75%	0.00%	1.53%
Pre-tax earnings	11.20%	4.01%	12.81%	9.26%
Income tax provision	2.93%	0.91%	3.15%	2.25%
Net earnings	8.27%	3.10%	9.66%	7.01%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Comprehensive Income
Net earnings	$ 1,896	$ 692	$ 7,235	$ 4,857
Foreign currency translation adjustments – net of tax	19	18	78	(27)
Cash flow hedges – net of tax	41	24	56	(84)
Other	(1)	(2)	(4)	2
Other comprehensive income/(loss)	59	40	130	(109)
Comprehensive income	$ 1,955	$ 732	$ 7,365	$ 4,748
Comprehensive Income (Percentages)
Net earnings	8.27%	3.10%	9.66%	7.01%
Foreign currency translation adjustments – net of tax	0.08%	0.08%	0.10%	(0.04%)
Cash flow hedges – net of tax	0.18%	0.11%	0.07%	(0.12%)
Other	0.00%	(0.01%)	0.00%	0.00%
Other comprehensive income/(loss)	0.26%	0.18%	0.17%	(0.16%)
Comprehensive income	8.53%	3.28%	9.83%	6.85%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Current assets:
Cash and cash equivalents	$ 6,121	$ 4,690	$ 8,249
Short-term investments	552	506	1,852
Merchandise inventory – net	16,685	16,193	15,712
Other current assets	1,491	937	1,103
Total current assets	24,849	22,326	26,916
Property, less accumulated depreciation	18,925	19,155	18,798
Operating lease right-of-use assets	4,161	3,832	3,823
Long-term investments	213	200	202
Deferred income taxes – net	220	340	241
Other assets	1,032	882	900
Total assets	49,400	46,735	50,880
Current liabilities:
Short-term borrowings	1,000	0	0
Current maturities of long-term debt	1,352	1,112	609
Current operating lease liabilities	573	541	530
Accounts payable	11,334	10,884	12,759
Accrued compensation and employee benefits	1,353	1,350	1,117
Deferred revenue	1,954	1,608	1,614
Other current liabilities	3,268	3,235	2,935
Total current liabilities	20,834	18,730	19,564
Long-term debt, excluding current maturities	23,881	20,668	21,185
Noncurrent operating lease liabilities	4,136	3,890	3,907
Deferred revenue – Lowe's protection plans	1,119	1,019	1,007
Other liabilities	1,006	991	1,144
Total liabilities	50,976	45,298	46,807
Shareholders' (deficit)/equity:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none	0	0	0
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 686 million, 731 million, and 752 million shares, respectively	343	366	376
Capital in excess of par value	0	90	0
(Accumulated deficit)/retained earnings	(1,913)	1,117	3,942
Accumulated other comprehensive loss	(6)	(136)	(245)
Total shareholders' (deficit)/equity	(1,576)	1,437	4,073
Total liabilities and shareholders' (deficit)/equity	$ 49,400	$ 46,735	$ 50,880

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	5,600,000,000	5,600,000,000	5,600,000,000
Common stock, shares issued (in shares)	686,000,000	731,000,000	752,000,000
Common stock, shares outstanding (in shares)	686,000,000	731,000,000	752,000,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' (Deficit)/Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings/ (Accumulated Deficit)	Accumulated Other Comprehensive Loss
Balance (in shares) at Jan. 31, 2020		763
Balance at Jan. 31, 2020	$ 1,972	$ 381	$ 0	$ 1,727	$ (136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	4,857			4,857
Other comprehensive income (loss)	(109)				(109)
Cash dividends declared	(1,284)			(1,284)
Share-based payment expense	103		103
Repurchases of common stock (in shares)		(13)
Repurchases of common stock	(1,567)	$ (6)	(203)	(1,358)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 101	$ 1	100
Balance (in shares) at Oct. 30, 2020	752	752
Balance at Oct. 30, 2020	$ 4,073	$ 376	0	3,942	(245)
Balance (in shares) at Jul. 31, 2020		756
Balance at Jul. 31, 2020	4,356	$ 378	129	4,134	(285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	692			692
Other comprehensive income (loss)	40				40
Cash dividends declared	(452)			(452)
Share-based payment expense	39		39
Repurchases of common stock (in shares)		(4)
Repurchases of common stock	(621)	$ (2)	(187)	(432)
Issuance of common stock under share-based payment plans (in shares)		0
Issuance of common stock under share-based payment plans	$ 19	$ 0	19
Balance (in shares) at Oct. 30, 2020	752	752
Balance at Oct. 30, 2020	$ 4,073	$ 376	0	3,942	(245)
Balance (in shares) at Jan. 29, 2021	731	731
Balance at Jan. 29, 2021	$ 1,437	$ 366	90	1,117	(136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	7,235			7,235
Other comprehensive income (loss)	130				130
Cash dividends declared	(1,544)			(1,544)
Share-based payment expense	163		163
Repurchases of common stock (in shares)		(46)
Repurchases of common stock	(9,069)	$ (24)	(324)	(8,721)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 72	$ 1	71
Balance (in shares) at Oct. 29, 2021	686	686
Balance at Oct. 29, 2021	$ (1,576)	$ 343	0	(1,913)	(6)
Balance (in shares) at Jul. 30, 2021		699
Balance at Jul. 30, 2021	(175)	$ 350	0	(460)	(65)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,896			1,896
Other comprehensive income (loss)	59				59
Cash dividends declared	(551)			(551)
Share-based payment expense	50		50
Repurchases of common stock (in shares)		(13)
Repurchases of common stock	(2,864)	$ (7)	(59)	(2,798)
Issuance of common stock under share-based payment plans	$ 9		9
Balance (in shares) at Oct. 29, 2021	686	686
Balance at Oct. 29, 2021	$ (1,576)	$ 343	$ 0	$ (1,913)	$ (6)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' (Deficit)/Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.80	$ 0.60	$ 2.20	$ 1.70

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Cash flows from operating activities:
Net earnings	$ 7,235	$ 4,857
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,388	1,152
Noncash lease expense	383	356
Deferred income taxes	96	5
Loss on property and other assets – net	25	114
Loss on extinguishment of debt	0	1,060
Share-based payment expense	169	107
Changes in operating assets and liabilities:
Merchandise inventory – net	(446)	(2,545)
Other operating assets	(130)	147
Accounts payable	436	5,099
Deferred revenue	444	508
Other operating liabilities	(421)	625
Net cash provided by operating activities	9,179	11,485
Cash flows from investing activities:
Purchases of investments	(2,325)	(2,548)
Proceeds from sale/maturity of investments	2,261	1,032
Capital expenditures	(1,256)	(1,172)
Proceeds from sale of property and other long-term assets	94	60
Other – net	(134)	(24)
Net cash used in investing activities	(1,360)	(2,652)
Cash flows from financing activities:
Net change in commercial paper	0	(941)
Net proceeds from issuance of debt	4,972	7,929
Repayment of debt	(595)	(5,582)
Proceeds from issuance of common stock under share-based payment plans	72	102
Cash dividend payments	(1,433)	(1,252)
Repurchases of common stock	(8,999)	(1,528)
Other – net	(408)	(32)
Net cash used in financing activities	(6,391)	(1,304)
Effect of exchange rate changes on cash	3	4
Net increase in cash and cash equivalents	1,431	7,533
Cash and cash equivalents, beginning of period	4,690	716
Cash and cash equivalents, end of period	$ 6,121	$ 8,249

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Oct. 29, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the financial position as of October 29, 2021, and October 30, 2020, and the results of operations, comprehensive income, and shareholders’ (deficit)/equity for the three and nine months ended October 29, 2021, and October 30, 2020, and cash flows for the nine months ended October 29, 2021, and October 30, 2020. The January 29, 2021 consolidated balance sheet was derived from the audited financial statements. These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 29, 2021 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation as follows: the reclassification of excess property from other assets to property, less accumulated depreciation on the consolidated balance sheet as of October 30, 2020, and the separate disclosure of changes in deferred revenue within operating activities on the consolidated statement of cash flows for the nine months ended October 30, 2020. Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company intends to use the expedients where needed for reference rate transition. The Company continues to evaluate this standard update and does not currently expect a material impact to the Company’s financial statements or disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2020 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Revenue

Revenue	9 Months Ended
	Oct. 29, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue - Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services. The following table presents the Company’s sources of revenue: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Products $ 21,755 $ 21,342 $ 71,655 $ 66,724 Services 597 552 1,805 1,459 Other 566 415 1,451 1,103 Net sales $ 22,918 $ 22,309 $ 74,911 $ 69,286 A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows: (In millions) Classification October 29, October 30, January 29, Anticipated sales returns Other current liabilities $ 315 $ 281 $ 252 Right of return assets Other current assets 191 180 164 Deferred revenue - retail and stored-value cards Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows: (In millions) October 29, October 30, January 29, Retail deferred revenue $ 1,446 $ 1,175 $ 1,046 Stored-value cards deferred revenue 508 439 562 Deferred revenue $ 1,954 $ 1,614 $ 1,608 Deferred revenue - Lowe’s protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred. (In millions) October 29, October 30, January 29, Deferred revenue - Lowe’s protection plans $ 1,119 $ 1,007 $ 1,019 Three Months Ended Nine Months Ended (In millions) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Lowe’s protection plans deferred revenue recognized into sales $ 123 $ 106 $ 359 $ 314 Lowe’s protection plans claim expenses 45 43 142 121 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 8,585 37.5 % $ 8,168 36.6 % $ 26,057 34.8 % $ 23,846 34.4 % Building Products 2 7,569 33.0 7,607 34.1 24,111 32.2 % 21,559 31.1 % Hardlines 3 6,093 26.6 6,029 27.0 22,961 30.6 % 22,512 32.5 % Other 671 2.9 505 2.3 1,782 2.4 % 1,369 2.0 % Total $ 22,918 100.0 % $ 22,309 100.0 % $ 74,911 100.0 % $ 69,286 100.0 % Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation. 1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint 2 Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing 3 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 United States $ 21,504 $ 20,832 $ 70,092 $ 65,153 Canada 1,414 1,477 4,819 4,133 Net Sales $ 22,918 $ 22,309 $ 74,911 $ 69,286

Investments

Investments	9 Months Ended
	Oct. 29, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available-for-sale debt securities are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive loss. Net unrealized gains on available-for-sale debt securities as of October 29, 2021, October 30, 2020, and January 29, 2021, were not material. Refer to Note 4 for the fair value of the Company’s available-for-sale debt securities by investment type. Held to maturity securities are U.S. Treasury bills which the Company has the ability and intent to hold until maturity and are stated at amortized cost. Gross unrecognized holding gains and losses on the Company’s held-to-maturity securities were not material for the period ended October 30, 2020. The Company’s investments are as follows: (In millions) October 29, 2021 October 30, 2020 January 29, 2021 Short-term investments: Available-for-sale debt securities $ 552 $ 702 $ 506 Held-to-maturity securities — 1,150 — Total short-term investments $ 552 $ 1,852 $ 506 Long-term investments: Available-for-sale debt securities $ 213 $ 202 $ 200 Total long-term investments $ 213 $ 202 $ 200 Restricted Investments Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows: (In millions) October 29, 2021 October 30, 2020 January 29, 2021 Short-term restricted investments $ 552 $ 402 $ 506 Long-term restricted investments 213 202 200 Total restricted investments $ 765 $ 604 $ 706

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 29, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: • Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities • Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly • Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of October 29, 2021, October 30, 2020, and January 29, 2021: Fair Value Measurements at (In millions) Measurement Level October 29, October 30, January 29, Assets: Short-term investments: Available-for-sale debt securities Money market funds Level 1 $ 140 $ 96 $ 109 U.S Treasury securities Level 1 134 220 223 Commercial paper Level 2 102 — 97 Certificates of deposit Level 1 100 300 — Corporate debt securities Level 2 45 49 47 Foreign government debt securities Level 2 21 — — Municipal obligations Level 2 10 — — Agency securities Level 2 — 37 30 Total short-term investments $ 552 $ 702 $ 506 Other current assets: Derivative instruments Forward interest rate swaps Level 2 $ 34 $ — $ — Total other current assets $ 34 $ — $ — Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 129 $ 140 $ 129 Corporate debt securities Level 2 66 52 58 Foreign government debt securities Level 2 15 — — Municipal obligations Level 2 3 10 13 Total long-term investments $ 213 $ 202 $ 200 Fair Value Measurements at (In millions) Measurement Level October 29, October 30, January 29, Other assets: Derivative instruments Forward interest rate swaps Level 2 $ 20 $ — $ 4 Total other assets $ 20 $ — $ 4 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ — $ 9 $ 8 Total other current liabilities $ — $ 9 $ 8 Other liabilities: Derivative instruments Fixed-to-floating interest rate swaps Level 2 $ 7 $ — $ — Forward interest rate swaps Level 2 — 5 — Total other liabilities $ 7 $ 5 $ — There were no transfers between Levels 1, 2, or 3 during any of the periods presented. When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads, and benchmark securities, among others. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three and nine months ended October 29, 2021, and October 30, 2020, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. Other Fair Value Disclosures The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, held-to-maturity securities, short-term borrowings, accounts payable, and long-term debt and are reflected in the financial statements at cost. As further described in Note 8 , certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in long-term debt on the consolidated balance sheets. With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature. The fair values of the Company’s unsecured notes were estimated using quoted market prices. The fair values of the Company’s mortgage notes were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable incremental borrowing rate. Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows: October 29, 2021 October 30, 2020 January 29, 2021 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 24,567 $ 27,101 $ 21,119 $ 24,340 $ 21,121 $ 24,349 Mortgage notes (Level 2) 5 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 24,572 $ 27,106 $ 21,124 $ 24,345 $ 21,126 $ 24,354

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Oct. 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets - Goodwill and intangible assets resulting from acquisitions are recorded within other assets on the consolidated balance sheets and are evaluated for impairment annually on the first day of the fourth quarter or whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. The carrying amount of goodwill as well as the gross carrying amount and accumulated amortization of intangible assets consist of the following: October 29, 2021 October 30, 2020 January 29, 2021 (In millions) Gross Accumulated Gross Accumulated Gross Accumulated Goodwill $ 311 $ — $ 311 $ — $ 311 $ — Definite-lived intangible assets: Customer-related 1 $ 347 $ (85) $ 368 $ (93) $ 372 $ (99) Trademarks and trade names 1 269 (130) 255 (91) 264 (119) Other 1 (1) 12 (12) 12 (11) Total definite-lived intangible assets $ 617 $ (216) $ 635 $ (196) $ 648 $ (229) Indefinite-lived intangible assets: Trademark 2 $ 134 $ — $ — $ — $ — $ — Total intangible assets $ 751 $ (216) $ 635 $ (196) $ 648 $ (229) 1 Certain definite-lived intangible assets are denominated in a foreign currency and subject to translation. 2 In April 2021, the Company acquired the STAINMASTER ® brand for total consideration of $134 million, which was determined to have an indefinite life.

Short-Term Borrowings

Short-Term Borrowings	9 Months Ended
	Oct. 29, 2021
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings Commercial Paper Program The $1.02 billion five five Other Short-Term Borrowings

Long-Term Debt

Long-Term Debt	9 Months Ended
	Oct. 29, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt - On September 20, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (September 2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,000 September 2028 1.700% $ 6 $ 1,000 September 2041 2.800% $ 10 On March 31, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (March 2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,500 April 2031 2.625% $ 7 $ 500 April 2051 3.500% $ 5 Interest on the September 2021 Notes is payable semiannually in arrears in March and September of each year until maturity. Interest on the March 2021 Notes is payable semiannually in arrears in April and October of each year until maturity.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Oct. 29, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Derivatives Designated as Hedging Instruments The Company utilizes forward interest rate swap agreements to hedge its exposure to changes in benchmark interest rates on forecasted debt issuances. The Company also utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows: (In millions) October 29, October 30, January 29, Cash flow hedges: Forward interest rate swap agreement notional amounts $ 2,370 $ 638 $ 638 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 700 $ — $ — See Note 4 for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items. The Company accounts for the forward interest rate swap contracts as cash flow hedges, thus the effective portion of gains and losses resulting from changes in fair value are recognized in other comprehensive income/(loss), net of tax effects, in the consolidated statements of comprehensive income and is recognized in earnings when the underlying hedged transaction impacts the consolidated statements of earnings. A summary of the gain/(loss) on forward interest rate swap derivatives designated as cash flow hedges recorded in other comprehensive income/(loss) and earnings for the three and nine months ended October 29, 2021, and October 30, 2020, including its line item in the financial statements, is as follows: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Other comprehensive income/(loss) Cash flow hedges – net of tax (expense)/benefit of ($15) million, ($7) million, ($19) million, and $28 million, respectively $ 45 $ 22 $ 57 $ (85) Net earnings Interest – net $ 3 $ 3 $ 8 $ 7 The Company accounts for the fixed-to-floating interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective. Thus, the change in fair value of the derivative instruments offsets the change in fair value on the hedged debt, and there is no net impact in the consolidated statements of earnings from the fair value of the derivatives. Other Derivatives Not Designated as Hedging Instruments The Company occasionally utilizes derivative financial instruments that aren’t designated under hedge accounting to manage certain business risks. In October 2020, the Company completed cash tender offers to purchase and retire an aggregate principal amount of $3.0 billion in outstanding notes. To hedge the economic risk of changes in value of the 2020 cash tender offers prior to the pricing date, the Company entered into reverse treasury lock derivative contracts with a combined notional amount of $2.0 billion. Upon the pricing of the 2020 cash tender offers, the Company settled the reverse treasury lock derivative contracts and made a payment to its counterparty for $26 million, which is included in loss on extinguishment of debt in the consolidated statements of earnings for the three and nine months ended October 30, 2020. The cash flows related to these contracts are included within financing activities in the accompanying consolidated statements of cash flows .

Shareholders' (Deficit)_Equity

Shareholders' (Deficit)/Equity	9 Months Ended
	Oct. 29, 2021
Stockholders' Equity Note [Abstract]
Shareholders' (Deficit)/Equity	Shareholders’ (Deficit)/Equity - The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are returned to authorized and unissued status. As of October 29, 2021, the Company had $10.7 billion remaining in its share repurchase program. In February 2021, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $2.0 billion of the Company’s common stock. In May 2021, the Company entered into a variable notional ASR agreement with a third-party financial institution to repurchase $2.1 billion of the Company’s common stock. In August 2021, the Company entered into a variable notional ASR agreement with a third-party financial institution to repurchase $1.6 billion of the Company’s common stock. The terms of the ASR agreements entered into during the nine months ended October 29, 2021, are as follows (in millions): Agreement Execution Agreement Settlement ASR Minimum Notional Amount 1 Maximum Notional Amount 1 Cash Payment Received at Settlement 1 Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2021 Q1 2021 $ 2,000 $ — $ — $ — 10.7 0.2 10.9 Q2 2021 Q2 2021 2,132 1,750 2,500 368 7.2 4.0 11.2 Q3 2021 2 Q3 2021 1,592 1,500 2,000 408 5.9 1.7 7.6 1 The Company entered into variable notional ASR agreements with third-party financial institutions to repurchase between a minimum notional amount and a maximum notional amount. At inception of each transaction, the Company paid the maximum notional amount and received shares. When the Company finalized each transaction, it received additional shares as well as a cash payment from the third-party financial institution equal to the difference between the prepayment amount (maximum notional amount) and the final notional amount. 2 For the variable notional ASR agreement entered during the third quarter, the cash payment received at settlement of $408 million was reflected as a receivable in other current assets in the consolidated balance sheet as of October 29, 2021, and other financing – net in the consolidated statement of cash flows for the nine months ended October 29, 2021. The balance was received in cash from the third-party financial institution subsequent to the end of the third quarter. In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended Nine Months Ended October 29, 2021 October 29, 2021 (In millions) Shares Cost Shares Cost Open market share repurchases 6.0 $ 1,266 16.8 $ 3,266 The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards. Total shares repurchased for the three and nine months ended October 29, 2021, and October 30, 2020, were as follows: Three Months Ended October 29, 2021 October 30, 2020 (In millions) Shares Cost 1 Shares Cost Share repurchase program 13.6 $ 2,858 3.6 $ 617 Shares withheld from employees 0.1 5 — 4 Total share repurchases 13.7 $ 2,863 3.6 $ 621 1 Reductions of $2.8 billion and $431 million were recorded to (accumulated deficit)/retained earnings, after capital in excess of par value was depleted, for the three months ended October 29, 2021, and October 30, 2020, respectively. Nine Months Ended October 29, 2021 October 30, 2020 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 46.5 $ 8,990 13.2 $ 1,557 Shares withheld from employees 0.4 79 0.1 10 Total share repurchases 46.9 $ 9,069 13.3 $ 1,567 1 Reductions of $8.7 billion and $1.4 billion were recorded to (accumulated deficit)/retained earnings, after capital in excess of par value was depleted, for the nine months ended October 29, 2021 and October 30, 2020, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Oct. 29, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share - The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three and nine months ended October 29, 2021, and October 30, 2020: Three Months Ended Nine Months Ended (In millions, except per share data) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Basic earnings per common share: Net earnings $ 1,896 $ 692 $ 7,235 $ 4,857 Less: Net earnings allocable to participating securities (7) (3) (28) (20) Net earnings allocable to common shares, basic $ 1,889 $ 689 $ 7,207 $ 4,837 Weighted-average common shares outstanding 690 752 704 753 Basic earnings per common share $ 2.74 $ 0.92 $ 10.23 $ 6.42 Diluted earnings per common share: Net earnings $ 1,896 $ 692 $ 7,235 $ 4,857 Less: Net earnings allocable to participating securities (7) (3) (28) (20) Net earnings allocable to common shares, diluted $ 1,889 $ 689 $ 7,207 $ 4,837 Weighted-average common shares outstanding 690 752 704 753 Dilutive effect of non-participating share-based awards 2 2 2 1 Weighted-average common shares, as adjusted 692 754 706 754 Diluted earnings per common share $ 2.73 $ 0.91 $ 10.21 $ 6.41 Anti-dilutive securities excluded from diluted weighted-average common shares 0.3 0.3 0.2 0.1

Income Taxes

Income Taxes	9 Months Ended
	Oct. 29, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes - The Company’s effective income tax rates were 26.1% and 24.6% for the three and nine months ended October 29, 2021, respectively, and 22.6% and 24.3% for the three and nine months ended October 30, 2020, respectively. The increase in the effective tax rate for the three months ended October 29, 2021, is primarily due to lower projected earnings in fiscal 2021 for the Company’s RONA inc. entity in Canada, which has a full valuation allowance against its deferred tax assets, and a favorable discrete item related to excess tax benefits of stock compensation in the third quarter of 2020.

Supplemental Disclosure

Supplemental Disclosure	9 Months Ended
	Oct. 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Nine Months Ended (In millions) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Long-term debt $ 210 $ 213 $ 615 $ 610 Lease obligations 7 8 22 25 Short-term borrowings 2 1 3 13 Interest income (3) (6) (10) (18) Interest capitalized (1) — (2) — Interest on tax uncertainties 2 — 1 — Other 6 5 21 14 Interest – net $ 223 $ 221 $ 650 $ 644 Supplemental disclosures of cash flow information: Nine Months Ended (In millions) October 29, 2021 October 30, 2020 Cash paid for interest, net of amount capitalized $ 762 $ 750 Cash paid for income taxes – net $ 2,189 $ 1,357 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 76 $ 55 Leased assets obtained in exchange for new operating lease liabilities 1 $ 670 $ 355 Cash dividends declared but not paid $ 551 $ 452 1 Excludes $357 million of leases signed but not yet commenced as of October 29, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 29, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the financial position as of October 29, 2021, and October 30, 2020, and the results of operations, comprehensive income, and shareholders’ (deficit)/equity for the three and nine months ended October 29, 2021, and October 30, 2020, and cash flows for the nine months ended October 29, 2021, and October 30, 2020. The January 29, 2021 consolidated balance sheet was derived from the audited financial statements. These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 29, 2021 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation as follows: the reclassification of excess property from other assets to property, less accumulated depreciation on the consolidated balance sheet as of October 30, 2020, and the separate disclosure of changes in deferred revenue within operating activities on the consolidated statement of cash flows for the nine months ended October 30, 2020.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company intends to use the expedients where needed for reference rate transition. The Company continues to evaluate this standard update and does not currently expect a material impact to the Company’s financial statements or disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2020 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 29, 2021
Revenue from Contract with Customer [Abstract]
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Products $ 21,755 $ 21,342 $ 71,655 $ 66,724 Services 597 552 1,805 1,459 Other 566 415 1,451 1,103 Net sales $ 22,918 $ 22,309 $ 74,911 $ 69,286
Anticipated Sales Return And Right of Return Assets	The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows: (In millions) Classification October 29, October 30, January 29, Anticipated sales returns Other current liabilities $ 315 $ 281 $ 252 Right of return assets Other current assets 191 180 164
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) October 29, October 30, January 29, Retail deferred revenue $ 1,446 $ 1,175 $ 1,046 Stored-value cards deferred revenue 508 439 562 Deferred revenue $ 1,954 $ 1,614 $ 1,608 Deferred revenue - Lowe’s protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred. (In millions) October 29, October 30, January 29, Deferred revenue - Lowe’s protection plans $ 1,119 $ 1,007 $ 1,019 Three Months Ended Nine Months Ended (In millions) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Lowe’s protection plans deferred revenue recognized into sales $ 123 $ 106 $ 359 $ 314 Lowe’s protection plans claim expenses 45 43 142 121
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 8,585 37.5 % $ 8,168 36.6 % $ 26,057 34.8 % $ 23,846 34.4 % Building Products 2 7,569 33.0 7,607 34.1 24,111 32.2 % 21,559 31.1 % Hardlines 3 6,093 26.6 6,029 27.0 22,961 30.6 % 22,512 32.5 % Other 671 2.9 505 2.3 1,782 2.4 % 1,369 2.0 % Total $ 22,918 100.0 % $ 22,309 100.0 % $ 74,911 100.0 % $ 69,286 100.0 % Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation. 1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint 2 Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing
Net Sales Disaggregated by Geographical Area	The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 United States $ 21,504 $ 20,832 $ 70,092 $ 65,153 Canada 1,414 1,477 4,819 4,133 Net Sales $ 22,918 $ 22,309 $ 74,911 $ 69,286

Investments (Tables)

Investments (Tables)	9 Months Ended
	Oct. 29, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Investments	The Company’s investments are as follows: (In millions) October 29, 2021 October 30, 2020 January 29, 2021 Short-term investments: Available-for-sale debt securities $ 552 $ 702 $ 506 Held-to-maturity securities — 1,150 — Total short-term investments $ 552 $ 1,852 $ 506 Long-term investments: Available-for-sale debt securities $ 213 $ 202 $ 200 Total long-term investments $ 213 $ 202 $ 200
Schedule of Restricted Investments	Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows: (In millions) October 29, 2021 October 30, 2020 January 29, 2021 Short-term restricted investments $ 552 $ 402 $ 506 Long-term restricted investments 213 202 200 Total restricted investments $ 765 $ 604 $ 706

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 29, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements - Recurring Basis	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of October 29, 2021, October 30, 2020, and January 29, 2021: Fair Value Measurements at (In millions) Measurement Level October 29, October 30, January 29, Assets: Short-term investments: Available-for-sale debt securities Money market funds Level 1 $ 140 $ 96 $ 109 U.S Treasury securities Level 1 134 220 223 Commercial paper Level 2 102 — 97 Certificates of deposit Level 1 100 300 — Corporate debt securities Level 2 45 49 47 Foreign government debt securities Level 2 21 — — Municipal obligations Level 2 10 — — Agency securities Level 2 — 37 30 Total short-term investments $ 552 $ 702 $ 506 Other current assets: Derivative instruments Forward interest rate swaps Level 2 $ 34 $ — $ — Total other current assets $ 34 $ — $ — Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 129 $ 140 $ 129 Corporate debt securities Level 2 66 52 58 Foreign government debt securities Level 2 15 — — Municipal obligations Level 2 3 10 13 Total long-term investments $ 213 $ 202 $ 200 Fair Value Measurements at (In millions) Measurement Level October 29, October 30, January 29, Other assets: Derivative instruments Forward interest rate swaps Level 2 $ 20 $ — $ 4 Total other assets $ 20 $ — $ 4 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ — $ 9 $ 8 Total other current liabilities $ — $ 9 $ 8 Other liabilities: Derivative instruments Fixed-to-floating interest rate swaps Level 2 $ 7 $ — $ — Forward interest rate swaps Level 2 — 5 — Total other liabilities $ 7 $ 5 $ —
Fair Value of Financial Instruments	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows: October 29, 2021 October 30, 2020 January 29, 2021 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 24,567 $ 27,101 $ 21,119 $ 24,340 $ 21,121 $ 24,349 Mortgage notes (Level 2) 5 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 24,572 $ 27,106 $ 21,124 $ 24,345 $ 21,126 $ 24,354

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Oct. 29, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The carrying amount of goodwill as well as the gross carrying amount and accumulated amortization of intangible assets consist of the following: October 29, 2021 October 30, 2020 January 29, 2021 (In millions) Gross Accumulated Gross Accumulated Gross Accumulated Goodwill $ 311 $ — $ 311 $ — $ 311 $ — Definite-lived intangible assets: Customer-related 1 $ 347 $ (85) $ 368 $ (93) $ 372 $ (99) Trademarks and trade names 1 269 (130) 255 (91) 264 (119) Other 1 (1) 12 (12) 12 (11) Total definite-lived intangible assets $ 617 $ (216) $ 635 $ (196) $ 648 $ (229) Indefinite-lived intangible assets: Trademark 2 $ 134 $ — $ — $ — $ — $ — Total intangible assets $ 751 $ (216) $ 635 $ (196) $ 648 $ (229) 1 Certain definite-lived intangible assets are denominated in a foreign currency and subject to translation. 2 In April 2021, the Company acquired the STAINMASTER ® brand for total consideration of $134 million, which was determined to have an indefinite life.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Oct. 29, 2021
Debt Disclosure [Abstract]
Schedule of Unsecured Notes Issued	On September 20, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (September 2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,000 September 2028 1.700% $ 6 $ 1,000 September 2041 2.800% $ 10 On March 31, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (March 2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,500 April 2031 2.625% $ 7 $ 500 April 2051 3.500% $ 5

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Oct. 29, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Derivative Instruments	The notional amounts for the Company’s material derivative instruments are as follows: (In millions) October 29, October 30, January 29, Cash flow hedges: Forward interest rate swap agreement notional amounts $ 2,370 $ 638 $ 638 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 700 $ — $ —
Summary of Gain (Loss) on Interest Rate Swap Derivatives	A summary of the gain/(loss) on forward interest rate swap derivatives designated as cash flow hedges recorded in other comprehensive income/(loss) and earnings for the three and nine months ended October 29, 2021, and October 30, 2020, including its line item in the financial statements, is as follows: (In millions) Three Months Ended Nine Months Ended October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Other comprehensive income/(loss) Cash flow hedges – net of tax (expense)/benefit of ($15) million, ($7) million, ($19) million, and $28 million, respectively $ 45 $ 22 $ 57 $ (85) Net earnings Interest – net $ 3 $ 3 $ 8 $ 7

Shareholders' (Deficit)_Equity

Shareholders' (Deficit)/Equity (Tables)	9 Months Ended
	Oct. 29, 2021
Stockholders' Equity Note [Abstract]
Accelerated Share Repurchases	The terms of the ASR agreements entered into during the nine months ended October 29, 2021, are as follows (in millions): Agreement Execution Agreement Settlement ASR Minimum Notional Amount 1 Maximum Notional Amount 1 Cash Payment Received at Settlement 1 Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2021 Q1 2021 $ 2,000 $ — $ — $ — 10.7 0.2 10.9 Q2 2021 Q2 2021 2,132 1,750 2,500 368 7.2 4.0 11.2 Q3 2021 2 Q3 2021 1,592 1,500 2,000 408 5.9 1.7 7.6 1 The Company entered into variable notional ASR agreements with third-party financial institutions to repurchase between a minimum notional amount and a maximum notional amount. At inception of each transaction, the Company paid the maximum notional amount and received shares. When the Company finalized each transaction, it received additional shares as well as a cash payment from the third-party financial institution equal to the difference between the prepayment amount (maximum notional amount) and the final notional amount. 2 For the variable notional ASR agreement entered during the third quarter, the cash payment received at settlement of $408 million was reflected as a receivable in other current assets in the consolidated balance sheet as of October 29, 2021, and other financing – net in the consolidated statement of cash flows for the nine months ended October 29, 2021. The balance was received in cash from the third-party financial institution subsequent to the end of the third quarter.
Repurchase of Common Stock Through the Open Market	In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended Nine Months Ended October 29, 2021 October 29, 2021 (In millions) Shares Cost Shares Cost Open market share repurchases 6.0 $ 1,266 16.8 $ 3,266
Schedule of Share Repurchases	Total shares repurchased for the three and nine months ended October 29, 2021, and October 30, 2020, were as follows: Three Months Ended October 29, 2021 October 30, 2020 (In millions) Shares Cost 1 Shares Cost Share repurchase program 13.6 $ 2,858 3.6 $ 617 Shares withheld from employees 0.1 5 — 4 Total share repurchases 13.7 $ 2,863 3.6 $ 621 1 Reductions of $2.8 billion and $431 million were recorded to (accumulated deficit)/retained earnings, after capital in excess of par value was depleted, for the three months ended October 29, 2021, and October 30, 2020, respectively. Nine Months Ended October 29, 2021 October 30, 2020 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 46.5 $ 8,990 13.2 $ 1,557 Shares withheld from employees 0.4 79 0.1 10 Total share repurchases 46.9 $ 9,069 13.3 $ 1,567 1 Reductions of $8.7 billion and $1.4 billion were recorded to (accumulated deficit)/retained earnings, after capital in excess of par value was depleted, for the nine months ended October 29, 2021 and October 30, 2020, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Oct. 29, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three and nine months ended October 29, 2021, and October 30, 2020: Three Months Ended Nine Months Ended (In millions, except per share data) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Basic earnings per common share: Net earnings $ 1,896 $ 692 $ 7,235 $ 4,857 Less: Net earnings allocable to participating securities (7) (3) (28) (20) Net earnings allocable to common shares, basic $ 1,889 $ 689 $ 7,207 $ 4,837 Weighted-average common shares outstanding 690 752 704 753 Basic earnings per common share $ 2.74 $ 0.92 $ 10.23 $ 6.42 Diluted earnings per common share: Net earnings $ 1,896 $ 692 $ 7,235 $ 4,857 Less: Net earnings allocable to participating securities (7) (3) (28) (20) Net earnings allocable to common shares, diluted $ 1,889 $ 689 $ 7,207 $ 4,837 Weighted-average common shares outstanding 690 752 704 753 Dilutive effect of non-participating share-based awards 2 2 2 1 Weighted-average common shares, as adjusted 692 754 706 754 Diluted earnings per common share $ 2.73 $ 0.91 $ 10.21 $ 6.41 Anti-dilutive securities excluded from diluted weighted-average common shares 0.3 0.3 0.2 0.1

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	9 Months Ended
	Oct. 29, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended Nine Months Ended (In millions) October 29, 2021 October 30, 2020 October 29, 2021 October 30, 2020 Long-term debt $ 210 $ 213 $ 615 $ 610 Lease obligations 7 8 22 25 Short-term borrowings 2 1 3 13 Interest income (3) (6) (10) (18) Interest capitalized (1) — (2) — Interest on tax uncertainties 2 — 1 — Other 6 5 21 14 Interest – net $ 223 $ 221 $ 650 $ 644
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Nine Months Ended (In millions) October 29, 2021 October 30, 2020 Cash paid for interest, net of amount capitalized $ 762 $ 750 Cash paid for income taxes – net $ 2,189 $ 1,357 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 76 $ 55 Leased assets obtained in exchange for new operating lease liabilities 1 $ 670 $ 355 Cash dividends declared but not paid $ 551 $ 452 1 Excludes $357 million of leases signed but not yet commenced as of October 29, 2021.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 22,918	$ 22,309	$ 74,911	$ 69,286
Products
Disaggregation of Revenue [Line Items]
Net sales	21,755	21,342	71,655	66,724
Services
Disaggregation of Revenue [Line Items]
Net sales	597	552	1,805	1,459
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 566	$ 415	$ 1,451	$ 1,103

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 315	$ 252	$ 281
Right of return assets	$ 191	$ 164	$ 180

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 1,446	$ 1,046	$ 1,175
Stored-value cards deferred revenue	508	562	439
Deferred revenue	$ 1,954	$ 1,608	$ 1,614

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020	Jan. 29, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,119	$ 1,007	$ 1,119	$ 1,007	$ 1,019
Lowe’s protection plans deferred revenue recognized into sales	123	106	359	314
Lowe’s protection plans claim expenses	$ 45	$ 43	$ 142	$ 121

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 22,918	$ 22,309	$ 74,911	$ 69,286
Net sales (in percent)	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 21,504	$ 20,832	$ 70,092	$ 65,153
Canada
Disaggregation of Revenue [Line Items]
Net sales	1,414	1,477	4,819	4,133
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 8,585	$ 8,168	$ 26,057	$ 23,846
Net sales (in percent)	37.50%	36.60%	34.80%	34.40%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 7,569	$ 7,607	$ 24,111	$ 21,559
Net sales (in percent)	33.00%	34.10%	32.20%	31.10%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 6,093	$ 6,029	$ 22,961	$ 22,512
Net sales (in percent)	26.60%	27.00%	30.60%	32.50%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 671	$ 505	$ 1,782	$ 1,369
Net sales (in percent)	2.90%	2.30%	2.40%	2.00%

Investments - Summary (Details)

Investments - Summary (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Short-term investments:
Available-for-sale debt securities	$ 552	$ 506	$ 702
Held-to-maturity securities	0	0	1,150
Total short-term investments	552	506	1,852
Long-term investments:
Available-for-sale debt securities	213	200	202
Total long-term investments	$ 213	$ 200	$ 202

Investments - Restricted Invest

Investments - Restricted Investment Balances (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 552	$ 506	$ 402
Long-term restricted investments	213	200	202
Total restricted investments	$ 765	$ 706	$ 604

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - Estimate of Fair Value - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Short-term Investments
Assets, Fair Value Disclosure
Investments	$ 552	$ 506	$ 702
Short-term Investments | Money market funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	140	109	96
Short-term Investments | U.S Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	134	223	220
Short-term Investments | Commercial paper | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	102	97	0
Short-term Investments | Certificates of deposit | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	100	0	300
Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	45	47	49
Short-term Investments | Foreign government debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	21	0	0
Short-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	10	0	0
Short-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	0	30	37
Other Current Assets
Assets, Fair Value Disclosure
Other current assets:	34	0	0
Other Current Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other current assets:	34	0	0
Long-term Investments
Assets, Fair Value Disclosure
Investments	213	200	202
Long-term Investments | U.S Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	129	129	140
Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	66	58	52
Long-term Investments | Foreign government debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	15	0	0
Long-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	3	13	10
Other Assets
Assets, Fair Value Disclosure
Other assets:	20	4	0
Other Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other assets:	20	4	0
Other current liabilities
Liabilities, Fair Value Disclosure
Other current liabilities:	0	8	9
Other current liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other current liabilities:	0	8	9
Other noncurrent liabilities
Liabilities, Fair Value Disclosure
Other liabilities:	7	0	5
Other noncurrent liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities:	0	0	5
Other noncurrent liabilities | Fixed-to-floating interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities:	$ 7	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 24,572	$ 21,126	$ 21,124
Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	24,567	21,121	21,119
Mortgage Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	5	5	5
Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	27,106	24,354	24,345
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	27,101	24,349	24,340
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	$ 5	$ 5	$ 5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2021	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 311	$ 311	$ 311
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets		617	648	635
Accumulated Amortization		(216)	(229)	(196)
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets		751	648	635
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:		134	0	0
Trademarks | STAINMASTER
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired	$ 134
Customer-related
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets		347	372	368
Accumulated Amortization		(85)	(99)	(93)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets		269	264	255
Accumulated Amortization		(130)	(119)	(91)
Other
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets		1	12	12
Accumulated Amortization		$ (1)	$ (11)	$ (12)

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Oct. 29, 2021	Jan. 29, 2021	Oct. 30, 2020
Short-term Debt [Line Items]
Short-term borrowings				$ 1,000,000,000	$ 0	$ 0
2021 Term Loan
Short-term Debt [Line Items]
Debt instrument term	364 days
Maximum borrowing capacity	$ 1,000,000,000
Short-term borrowings				$ 1,000,000,000
Weighted average interest rate				0.79%
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity				$ 3,000,000,000
Outstanding borrowings				$ 0	$ 0	$ 0
Revolving Credit Facility | 2020 Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 1,020,000,000
Debt instrument term		5 years
Revolving Credit Facility | Second Amended And Restated Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity			$ 1,980,000,000
Debt instrument term			5 years

Long-Term Debt - Summary (Detai

Long-Term Debt - Summary (Details) - USD ($)	9 Months Ended
	Oct. 29, 2021	Sep. 20, 2021	Mar. 31, 2021
Unsecured Notes Issued In 2021
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101.00%
Unsecured Notes, 1.700%
Debt Instrument [Line Items]
Principal Amount		$ 1,000,000,000
Interest Rate		1.70%
Discount		$ 6,000,000
Unsecured Notes, 2.800%
Debt Instrument [Line Items]
Principal Amount		$ 1,000,000,000
Interest Rate		2.80%
Discount		$ 10,000,000
Unsecured Notes, 2.625%
Debt Instrument [Line Items]
Principal Amount			$ 1,500,000,000
Interest Rate			2.625%
Discount			$ 7,000,000
Unsecured Notes, 3.500%
Debt Instrument [Line Items]
Principal Amount			$ 500,000,000
Interest Rate			3.50%
Discount			$ 5,000,000
Unsecured Notes | Unsecured Notes Issued In 2021
Debt Instrument [Line Items]
Principal Amount		$ 2,000,000,000	$ 2,000,000,000

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020	Jan. 29, 2021	Oct. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax	$ 41,000,000	$ 24,000,000	$ 56,000,000	$ (84,000,000)
Debt instrument, outstanding notes retired						$ 3,000,000,000
Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - tax (expense) benefit	(15,000,000)	(7,000,000)	(19,000,000)	28,000,000
Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax	45,000,000	22,000,000	57,000,000	(85,000,000)
Forward interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	2,370,000,000	638,000,000	2,370,000,000	638,000,000	$ 638,000,000
Fixed-to-floating interest rate swaps | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	700,000,000	0	700,000,000	0	$ 0
Reverse Treasury Lock | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives		2,000,000,000		2,000,000,000
Payments to counterparty		26,000,000		26,000,000
Interest expense | Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest – net	$ 3,000,000	$ 3,000,000	$ 8,000,000	$ 7,000,000

Shareholders' (Deficit)_Equit_2

Shareholders' (Deficit)/Equity -Share Repurchases (Details) - USD ($) shares in Millions	3 Months Ended				9 Months Ended
	Oct. 29, 2021	Jul. 30, 2021	Apr. 30, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020	Aug. 31, 2021	May 31, 2021	Feb. 28, 2021
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 10,700,000,000				$ 10,700,000,000
Share repurchases, cost	2,858,000,000			$ 617,000,000	8,990,000,000	$ 1,557,000,000
Accelerated Share Repurchase
Share Repurchases
ASR Agreement Amount	1,592,000,000	$ 2,132,000,000	$ 2,000,000,000		1,592,000,000		$ 1,600,000,000	$ 2,100,000,000	$ 2,000,000,000
Cash Payment Received at Settlement	$ 408,000,000	$ 368,000,000			$ 408,000,000
Initial Shares Delivered at Inception	5.9	7.2	10.7
Additional Shares Delivered at Settlement	1.7	4	0.2
Total Shares Delivered	7.6	11.2	10.9
Accelerated Share Repurchase | Minimum
Share Repurchases
Notional amount	$ 1,500,000,000	$ 1,750,000,000
Accelerated Share Repurchase | Maximum
Share Repurchases
Notional amount	$ 2,000,000,000	$ 2,500,000,000
Open Market Purchases
Share Repurchases
Share repurchases (in shares)	6				16.8
Share repurchases, cost	$ 1,266,000,000				$ 3,266,000,000

Shareholders' (Deficit)_Equit_3

Shareholders' (Deficit)/Equity - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Share Repurchases
Reduction in retained earnings	$ 2,800	$ 431	$ 8,700	$ 1,400
Share repurchase program
Share Repurchases
Share repurchases (in shares)	13.6	3.6	46.5	13.2
Share repurchases, cost	$ 2,858	$ 617	$ 8,990	$ 1,557
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.1	0	0.4	0.1
Share repurchases, cost	$ 5	$ 4	$ 79	$ 10
Shares Repurchase Program And Shares Repurchased From Employees
Share Repurchases
Share repurchases (in shares)	13.7	3.6	46.9	13.3
Share repurchases, cost	$ 2,863	$ 621	$ 9,069	$ 1,567

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Basic earnings per common share:
Net earnings	$ 1,896	$ 692	$ 7,235	$ 4,857
Less: Net earnings allocable to participating securities	(7)	(3)	(28)	(20)
Net earnings allocable to common shares, basic	$ 1,889	$ 689	$ 7,207	$ 4,837
Weighted-average common shares outstanding (in shares)	690	752	704	753
Basic earnings per common share (in dollars per share)	$ 2.74	$ 0.92	$ 10.23	$ 6.42
Diluted earnings per common share:
Net earnings	$ 1,896	$ 692	$ 7,235	$ 4,857
Less: Net earnings allocable to participating securities	(7)	(3)	(28)	(20)
Net earnings allocable to common shares, diluted	$ 1,889	$ 689	$ 7,207	$ 4,837
Weighted-average common shares outstanding (in shares)	690	752	704	753
Dilutive effect of non-participating share-based awards (in shares)	2	2	2	1
Weighted-average common shares, as adjusted (in shares)	692	754	706	754
Diluted earnings per common share (in dollars per share)	$ 2.73	$ 0.91	$ 10.21	$ 6.41
Anti-dilutive securities (in shares)	0.3	0.3	0.2	0.1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	26.10%	22.60%	24.60%	24.30%

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Oct. 29, 2021	Oct. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 210	$ 213	$ 615	$ 610
Lease obligations	7	8	22	25
Short-term borrowings	2	1	3	13
Interest income	(3)	(6)	(10)	(18)
Interest capitalized	(1)	0	(2)	0
Interest on tax uncertainties	2	0	1	0
Other	6	5	21	14
Interest – net	$ 223	$ 221	$ 650	$ 644

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 762	$ 750
Cash paid for income taxes – net	2,189	1,357
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	76	55
Leased assets obtained in exchange for new operating lease liabilities	670	355
Cash dividends declared but not paid	551	$ 452
Operating leases signed but not commenced	$ 357